6 Things To Know!!!

Mortgage Regulations Have Changed....

Mortgage regulations have changed significantly over the last few years, making your options wider the ever. Subtle changes in the way you approach mortgage shopping, and even small differences in the way you structure your mortgage, can cost or save you literally thousands of dollars and years of expense.

Get the RIGHT Information!!!!

Whether you are about to buy your first homes, or planning to make a move to your next home, it is critical that you inform yourself about the factors involved.

Industry research has revealed that there are 6 common mistakes that most homebuyers make in mortgage shopping that can have a significant impact on the outcome of this critical negotiation. If handled correctly, these issues could result in a mortgage that will cost you less over a shorter period of time.

"Subtle changes in the way you approach mortgage shopping, and even small differences in the way you structure your mortgage, can cost or save you literally thousands of dollars and years of expense."

6 Things You Must Know Before Obtaining a Mortgage

Before you commit your hard earned dollars to monthly mortgage payments, consider these 6 issues. Effective consideration of these important area can make your payments work much harder for you.

1. You can, and should, get preapproved for a mortgage before you go looking for a home.Preapproval is easy, and can give you complete peace-of-mind when shopping for your home. Your local lending institution can provide you with written preapproval for you at not cost and no obligation and it can all be done quite easily over-the-phone. More than just a verbal approval from your lending institution, a written preapproval is as good as money in the bank. It entails a completed credit application, and a certificate which guarantees you a mortgage to the specified level when you find the home you're looking for.

2. Know what monthly dollar amount you feel comfortable committing to.When you discuss mortgage preapproval with your lending institution, find out what level you qualify for, but also pre-assess for yourself what dollar amount you feel comfortable committing to. Your situation may give you a preapproval amount that is higher (or lower) than the amount of money you would want to pay out each month. By working back and forth with your lender to determine what this monthly amount is, and what value of home this translate into at today rates, you won't waste time looking at homes that are not in your price range.

3. You should be thinking about your long term goals, and expected situation, to determine the type of mortgage that will best suit your needs. There are a number of questions you should be asking yourself before you commit to a certain type of mortgage. How long do you think you will own this home? What direction are interest rates going in, and how quickly? Is your income expected to change (up or down) in the near term, impacting how much money you can afford to pay to your mortgage? The answers to these and other questions will help you determine the most appropriate mortgage you should be seeking.

4. Make sure you understand what prepayment privilege and payment frequency options are available to you.More frequent payments (for example weekly or biweekly) can literally shave years off your mortgage. Simply by structuring your payments so that they come out more frequently, will significantly lessen the amount of interest that you will be charged over the term.

For the same reason, authorized prepayment of a certain percentage of your mortgage, or an increase in the amount you pay monthly, will have a major impact on the number of years you will have to pay and could shorten your payment term considerably.

These two payment options can cut years off your mortgage, and save you thousands of dollars in interest. However, not every mortgage has these prepayment privileges built in, so make sure you ask the proper questions.

5. Ask if your mortgage is both portable and/or assumable. A portable mortgage, where available, is one that you can carry with you when you buy your next home and avoid paying any discharge penalties. This means that you will not have to go through the entire mortgage process again unless you are making a move up to a much more expensive home.

An assumable mortgage is one that the buyer for your home can take over when you move to your next home. This can be a very powerful tool at the negotiating table making it much easier and more desirable for a buyer to buy your home, and again saves you any discharge penalties.

6. You should seriously consider dealing with a Mortgage Expert.Consider dealing only with a professional who specializes in mortgages. Enlisting their services can make a significant difference in the cost and effectiveness of the mortgage you obtain. For example they can make the process faster thereby avoiding costly delays. Typically there is NO cost or obligation to enquire.

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Testimonials

My wife and I would like to take this opportunity to recognize Linda Johnston who is with the office at CENTURY 21 All Aces Realty. We had been trying to sell our house in Palmetto for approximately 2 years. Prior to being introduced to Linda, we had used two other real estate agents who were quite ineffective in getting people to look at the house. As soon as we spoke to Linda, we were impresses with her enthusiasm and determination. She immediately gave us ideas on how to list the house to attract prospective buyers. When one idea didn't work, she was innovative and determined to come up with new ideas. Her personality was refreshing and she was always professional. We felt as though we were her only client, although we knew she had others. It was a pleasure working with her and we would recommend her to any seller or buyer.Craig & Felicia Himes

My experience with CENTURY 21 All Aces Realty was remarkable, but my experience with my Agent, Matthew Rotondo was even better. Matt’s willingness to work with my wife and I was truly amazing. Matt took a true interest in our needs and wants as a young couple. Knowing we did not have the money to buy a home that needed lots of work, Matt made sure to find us a home that was move in ready. When it came time to close on our dream home, the house needed a new roof. Matt came through again, he was able to get us our dream home at price we could afford with a new roof. Matt is just a genuine good guy, I don’t know many agents that would actually come over and help you move and work in the yard. Thanks again Matt for helping my family get the house of their dreams. Richard and Lisa Glass